Antony will try to persuade Banerjee to back key legislations aimed at financial reforms as well as the decision to allow foreign direct investment in multi-brand retail and aviation sectors, a senior Congress leader told ET on condition of anonymity.

The minister will soon meet the Trinamool Congress chief in Kolkata, the leader said, adding, "the UPA coordination panel will meet towards the end of the month to give its approval to the government's plans for economic reforms." The government has been forced to keep at bay several measures aimed at economic reforms because of the strident opposition of its critical ally.

At the last meeting of the recently-formed coordination panel, Prime Minister Manmohan Singh had emphasised that the decisions to allow greater access to foreign investors and opening up of the pension and insurance sectors should not be delayed.

The prime minister raised this issue in his Independence Day address, when he blamed the lack of political consensus for the slow pace of reforms. "As far as creating an environment within the country for rapid economic growth is concerned, I believe that we are not being able to achieve this because of a lack of political consensus on many issues," he said. The prime minister added that the time had come to, "view the issues which affect our development processes as matters of national security."

The leader quoted earlier said that there is realisation within Congress that an aggressive push to the reforms process is required for overcoming the impression of a policy paralysis at the Centre. At a time when global ratings agencies have downgraded India, risk aversion on part of the investors can only increase if wrangling over policy persists within the government, the leader said.

Athough a section of the government is against any fresh engagement with the Trinamool Congress, the Congress leadership has decided against precipitating a political crisis.

The rethinking on Congress' part stems from the assessment of its senior leaders that the party cannot afford to push the Trinamool Congress into the adversary column. "That will increase our dependence on the Samajwadi Party and the Bahujan Samaj Party," a Congress leader said, adding that the party was keen to avoid such an eventuality.